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Marketing Lesson 3

The Marketing Environment

QuestionAnswer
The Marketing Environment includes the actors and forces outside marketing that affect marketing management’s ability to build and maintain successful relationships with customers
Microenvironment consists of the actors close to the company that affect its ability to serve its customers, the company, suppliers, marketing intermediaries, customer markets, competitors, and publics
Macroenvironment the larger societal forces that affect the microenvironment
Internal Environment Includes Internal environment includes: Top management Finance R&D Purchasing Operations Accounting
Marketing Intermediaries Help the company to promote, sell, and distribute its products to final buyers
Customer Markets consist of individuals and households that buy goods and services for personal consumption (B2C)
Business Markets buy goods and services for further processing or for use in their production process (B2B)
Competitors Firms must gain strategic advantage by positioning their offerings against competitors’ offerings
Publics Any group that has an actual or potential interest in or impact on an organization’s ability to achieve its objectives
Environmental Scanning The process of continually acquiring information on events occurring outside the organization to identify and interpret potential trends
Environmental Forces Social, Economic, Technological, Competitive, Regulatory
Generation Coherts Baby Boomers 1946 - 1964 Generation X 1965 - 1976 Generation Y 1977 – 1994
Gross Income the total amount of money made in one year by a person, household, or family unit
Disposable Income the money a consumer has left after paying taxes to use for food, shelter, clothing, and transportation
Discretionary Income the money that remains after paying for taxes and necessities
Consumerism is a grassroots movement started in the 1960s to increase the influence, power, and rights of consumers in dealing with institutions
Natural Environment involves the natural resources that are needed as inputs by marketers or that are affected by marketing activities
Porters Five Forces Suppliers, Potential Entrants, Buyers, Substitutes, Industry Competitors
Barriers to entry business practices or conditions that make it difficult for new firms to enter the market
Culture incorporates the set of values, ideas, and attitudes that are learned and shared among the members of a group
Demographics describing a population according to selected characteristics such as age, gender, ethnicity, income and occupation
economy pertains to the income, expenditures and resources that affect the cost of running a business and household
electronic commerce any activity that uses some form of electronic communication in the inventory, exchange, advertisement, distribution and payment of goods and services
Marketspace an information and communication based electronic exchange environment mostly occupied by sophisticated computer and telecommunication technologies and digitalized offerings
Inranet an internet based network used within the boundaries of an organization
Extranets use internet based technologies, permit communication between a company and its suppliers, distributors and other partners
Social Forces the demographic characteristics of the population and its values
Value Consciousness the concern for obtaining the best quality, features, and performance of a product or service for a given price
Created by: lfowler322
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